Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.012%

Price spread now: Bybit against Hyperliquid−0.198%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1111.114% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 4 days (all we have)+0.177%+$18 · spread now −0.198%, 7d avg −0.116%

Together, before fees+0.406%+ Points / potential airdropHyperliquid: Season 2 · farm board+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.082% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.116%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.229%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005050	0.0100	pay 0.0013% / 1h	57m 41s	$368K	$51K	3x
Short	Bybit NOTUSDT	0.0005040	0.0072	get 0.0036% / 4h	57m 41s	$2.1M	$847K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee BybitbpOrdersPrice spread, now −0.198%Rate

Funding earned: −$5.9
Price spread: −0.198% → −0.116%: −$8.19
Slippage, 4 orders: −$91.36
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$125.45
Costs to cover: 1.114%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 32 min ago; Bybit: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hyperliquid live order book, 32 min ago	9.83 bp	37.5 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	4.95 bp	33.7 bp −$34	128.9 bp −$1,289	doesn't fit	doesn't fit

NOT on 16 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NOT	−0.0476%	4h	0.0005044	−0.110%	$71K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0254%	4h	0.0005048	−0.040%	$465K	$128K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.485%	$1K	$13K	5.5x	as long as short
Bybit NOTUSDTshort	+0.0072%	4h	0.0005040	−0.198%	$2.1M	$847K	25x
Lighter 1000NOT	+0.0096%	1h	0.0005054	+0.087%	$11K	$4K	3x	as long as short
BloFin NOT-USDT	+0.0100%	4h	0.0005055	+0.099%	$112K	$16K	50x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005050	long leg	$368K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005050	−0.002%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005042	−0.156%	$2.1M	$3.0M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005042	−0.158%	$631K	$643K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005046	−0.079%	$143K	$68K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005043	−0.139%	$1.3M	$414K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005049	−0.020%	$670K	$409K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005050	0.000%	—	$722K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005042	−0.163%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.1710%	1h	0.0005049	−0.016%	$49K	$9K	10x	as long as short